Nicholson Wealth Management Group LLC Invests $693,000 in SouthState Co. (NASDAQ:SSB)

Nicholson Wealth Management Group LLC acquired a new stake in SouthState Co. (NASDAQ:SSB) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,126 shares of the bank’s stock, valued at approximately $693,000.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState by 0.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,123,353 shares of the bank’s stock worth $95,519,000 after acquiring an additional 6,070 shares in the last quarter. State of Michigan Retirement System increased its stake in SouthState by 2.7% during the 1st quarter. State of Michigan Retirement System now owns 18,700 shares of the bank’s stock worth $1,590,000 after purchasing an additional 500 shares in the last quarter. Caprock Group LLC acquired a new stake in SouthState during the 1st quarter worth approximately $204,000. Van ECK Associates Corp lifted its stake in SouthState by 36.5% in the first quarter. Van ECK Associates Corp now owns 26,757 shares of the bank’s stock valued at $2,275,000 after buying an additional 7,156 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of SouthState in the first quarter valued at approximately $418,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Price Performance

Shares of SSB opened at $98.06 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $96.27 and its 200 day simple moving average is $86.18. SouthState Co. has a 1-year low of $63.36 and a 1-year high of $103.82. The company has a market cap of $7.47 billion, a price-to-earnings ratio of 16.00 and a beta of 0.67.

SouthState (NASDAQ:SSB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The company had revenue of $426.41 million for the quarter, compared to analyst estimates of $429.47 million. During the same period in the previous year, the business earned $1.62 EPS. SouthState’s revenue for the quarter was down .4% compared to the same quarter last year. On average, research analysts forecast that SouthState Co. will post 6.69 earnings per share for the current fiscal year.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 8th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.20%. SouthState’s payout ratio is 35.24%.

Analysts Set New Price Targets

Several equities research analysts recently commented on SSB shares. DA Davidson boosted their price objective on shares of SouthState from $102.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Citigroup started coverage on SouthState in a research report on Thursday, October 10th. They set a “neutral” rating and a $102.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on SouthState from $95.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial upped their price target on SouthState from $109.00 to $111.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Hovde Group lifted their price objective on shares of SouthState from $97.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, SouthState has an average rating of “Moderate Buy” and an average target price of $102.89.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $100.00, for a total value of $500,000.00. Following the sale, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO William E. V. Matthews sold 5,000 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the transaction, the chief financial officer now owns 36,964 shares in the company, valued at approximately $3,696,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the insider now owns 33,328 shares of the company’s stock, valued at $3,332,800. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

SouthState Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.